Work to re-float the Ever Given and free up oceangoing carriers hauling almost $10 billion of oil and consumer goods continued without success on Thursday in Egypt. The Suez Canal Authority has temporarily suspended traffic along the waterway. SourceContinue Reading

Futures in New York slid 1.6%, the latest sizable move this week. Work to re-float the container ship that’s stuck in the Suez Canal — a key trade route for crude flows — was expected to begin early Thursday in Egypt. The best chance of freeing the vessel may not come until Sunday or Monday....Continue Reading

Futures in New York jumped 5.9% on Wednesday, just about erasing the prior session’s price plunge that pushed futures to the lowest since early February. A U.S. inventory report showed domestic fuel consumption is at the highest in four months and Gulf Coast refiners are increasing their appetite for crude. SourceContinue Reading

Emissions from the Permian basin dropped 60% from March to April last year as oil producers shut in wells and cut back on new ones due to tumbling crude prices. But methane emissions are now back at pre-pandemic levels as drilling ramps up, according to the non-profit Environmental Defense Fund. SourceContinue Reading

The oil price needed to profitably drill a new well is $52 a barrel, executives from almost 100 producers said in the latest quarterly survey by the Federal Reserve Bank of Dallas. That’s an increase of 6%, compared with when the question was asked last year. To cover costs on existing wells, companies need $31,...Continue Reading

Energy Minister Anne-Marie Trevelyan said the UK could eventually follow in the footsteps of North Sea neighbor Denmark which will stop offering new oil and gas licenses and end production by 2050. SourceContinue Reading

Equinor has awarded Tenaris the supply of tubulars for the Northern Lights CO2 transport and storage facilities in Norway. From its Dalmine mill in Italy, Tenaris will produce 105km 12” Carbon Manganese (C-Mn) seamless line pipe for the milestone project. SourceContinue Reading

The UK government said it has reached an agreement with the country’s oil and gas industry that will help safeguard jobs as the nation strives to achieve net-zero emissions of greenhouse gases. SourceContinue Reading

Preliminary estimates place the size of the discovery in the Fram prospects between 12 and 19 million standard cubic meters of recoverable oil equivalent, corresponding to 75-120 million barrels of recoverable oil equivalent. SourceContinue Reading

Crude futures in New York added as much as 3.4% after a ship ran aground in the Suez Canal, giving the market a reprieve after prices sank to the lowest level since early February. Despite efforts to move the vessel, it could block the route for days. SourceContinue Reading